[Congressional Bills 107th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3661 Introduced in House (IH)]







107th CONGRESS
  2d Session
                                H. R. 3661

     To amend the National Housing Act to simplify the downpayment 
 requirements for FHA mortgage insurance for single family homebuyers.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            January 29, 2002

   Mr. Ney introduced the following bill; which was referred to the 
                    Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
     To amend the National Housing Act to simplify the downpayment 
 requirements for FHA mortgage insurance for single family homebuyers.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``FHA Downpayment Simplification 
Act''.

SEC. 2. DOWNPAYMENT SIMPLIFICATION.

    (a) In General.--Section 203(b) of the National Housing Act (12 
U.S.C. 1709(b)) is amended--
            (1) in paragraph (2)--
                    (A) in subparagraph (A), by realigning the matter 
                that precedes clause (ii) an additional 2 ems from the 
                left margin;
                    (B) in the matter that follows subparagraph 
                (B)(iii)--
                            (i) by striking the seventh sentence of 
                        such matter (relating to the maximum amount of 
                        a principal obligation of a mortgage) and all 
                        that follows through the end of the penultimate 
                        undesignated paragraph; and
                            (ii) by striking the second and third 
                        sentences of such matter; and
                    (C) by striking subparagraph (B);
            (2) by transferring and inserting subparagraph (A) of 
        paragraph (10) after subparagraph (A) of paragraph (2) and 
        amending such subparagraph by striking all of the matter that 
        precedes clause (i) and inserting the following:
                    ``(B) not to exceed an amount equal to the sum of--
                '';
            (3) by transferring and inserting the last undesignated 
        paragraph of paragraph (2) (relating to disclosure notice) 
        after subsection (e), realigning such transferred paragraph so 
        as to be flush with the left margin, and amending such 
        transferred paragraph by inserting ``(f) Disclosure of Other 
        Mortgage Products.--'' before ``In conjunction'';
            (4) by transferring and inserting the sentence that 
        constitutes the text of paragraph (10)(B) after the period at 
        the end of the first sentence that follows subparagraph (B) 
        (relating to the definition of ``area'') and amending such 
        transferred sentence by inserting ``(2)'' after ``this 
        paragraph''; and
            (5) by striking paragraph (10) (as amended by the preceding 
        provisions in this section).
    (b) Conforming Amendments.--Section 245 of the National Housing Act 
(12 U.S.C. 1715z-10) is amended--
            (1) in subsection (a), by striking ``, or if the 
        mortgagor'' and all that follows through ``case of veterans''; 
        and
            (2) in subsection (b)(3), by striking ``, or, if the'' and 
        all that follows through ``for veterans,''.
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